Northwestern Mutual Wealth Management Co. Buys Shares of 25,590 Cummins Inc. $CMI

Northwestern Mutual Wealth Management Co. purchased a new position in shares of Cummins Inc. (NYSE:CMI) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 25,590 shares of the company’s stock, valued at approximately $18,251,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Persistent Asset Partners Ltd acquired a new position in shares of Cummins during the second quarter valued at $26,000. Elevation Wealth Partners LLC lifted its holdings in Cummins by 91.7% in the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock worth $33,000 after purchasing an additional 22 shares during the period. Cedar Mountain Advisors LLC grew its position in Cummins by 1,500.0% in the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after buying an additional 45 shares in the last quarter. Activest Wealth Management increased its stake in Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after buying an additional 43 shares during the period. Finally, Wellington Shields Capital Management LLC bought a new stake in shares of Cummins during the 4th quarter worth about $27,000. Institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

CMI has been the subject of a number of research analyst reports. Barclays upped their price target on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Raymond James Financial boosted their target price on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a report on Tuesday, May 26th. Robert W. Baird set a $700.00 target price on Cummins in a research report on Wednesday, May 6th. Evercore reaffirmed an “outperform” rating and set a $845.00 price target on shares of Cummins in a research note on Monday, May 11th. Finally, JPMorgan Chase & Co. lifted their price target on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $745.64.

Cummins Trading Down 0.9%

Shares of NYSE CMI opened at $587.87 on Friday. Cummins Inc. has a 12 month low of $389.52 and a 12 month high of $737.76. The company has a market cap of $80.93 billion, a price-to-earnings ratio of 30.04, a P/E/G ratio of 1.40 and a beta of 1.24. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The business has a fifty day simple moving average of $660.86 and a 200-day simple moving average of $628.31.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The company had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter last year, the business earned $6.43 EPS. Sell-side analysts predict that Cummins Inc. will post 30.06 EPS for the current year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be given a $2.20 dividend. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. This represents a $8.80 annualized dividend and a dividend yield of 1.5%. Cummins’s payout ratio is currently 40.88%.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.